IPO News: Construction firm PSP Projects files for IPO

The Ahmedabad-based construction company PSP Projects Limited (PSP), on Thursday, said it has filed Draft Red Herring Prospectus (DRHP) with the market regulator SEBI seeking permission for its initial public offering (IPO). The public issue consists of up to 10,080,000 equity shares of face value of Rs 10 each. The issue comprises a fresh issue of up to 7,200,000 equity shares and offer for sale of up to 2,880,000 equity shares, the company said in a statement here. The final price band will be decided in consultation with the Book Running Lead Managers (BRLMs). The net proceeds from the fresh issue will be utilized towards funding capital expenditure and working capital requirements, and for general corporate purposes. Karvy Investor Services Ltd and Motilal Oswal Investment Advisors Private Ltd are the BRLMs to the issue and Karvy Computershare Private Ltd is the Registrar to the issue. PSP Projects Ltd is a multidisciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India. It provides services across the construction value chain, ranging from planning and design to construction and post-construction activities to private and public sector enterprises, focusing on projects in the Gujarat region.

PE exits, M&As & fund raising via IPOs hit 5-yr high in 2016: Report

2016 turned out to be a strong year for the Indian deal street as private equity exits, mergers & accusations (M&As) and fund raising through IPOs hit a 5-year high, says a report. According to News CorpVCCEdge, the financial research platform of News CorpVCCircle, the M&A deal tally for the year hit $61.44 billion and private equity investors unlocked $6.79 billion worth of investments across 239 exits. Fund raising via Initial Public Offerings surged to a five-year high with $4.12 billion raised across 93 IPOs. While PE investors unlocked investments worth $6.79 billion across 239 exits in 2016, M&A exits were the flavour of the year contributing 43 per cent of the total exit activity closely followed by open market exits at 32 per cent. 2016 has been a record year for IPOs, wherein fund raising via IPOs surged to a five-year high with $4.12 billion raised across 93 IPOs as compared to $2.19 billion from 62 IPOs in 2015.

India's BSE exchange gets market regulator's clearance for IPO

BSE Ltd, India's second-biggest stock exchange, got clearance for its long-awaited initial public offering (IPO) from the Securities and Exchange Board of India (SEBI), according to the regulator's website. Asia's oldest exchange had filed a draft prospectus for the IPO with SEBI in September, seeking to list its shares on larger rival National Stock Exchange (NSE). The IPO is expected to raise about $200 million.

GR Infraprojects IPO gets Sebi nod

GR Infraprojects and Shankara Building Products Ltd have received capital markets regulator Sebi’s approval to raise funds through initial public offerings (IPO). The two companies had filed IPO papers with Sebi on 29 September. The Securities and Exchange Board of India (Sebi) issued its final ‘observations’ on 22 December on the draft offer documents, which is necessary for any company to launch a public offer. GR Infraprojects’ IPO includes a fresh issue of equity shares worth Rs240 crore and an offer for sale of up to 5,413,540 shares by existing shareholders. The issue is being managed by ICICI Securities Ltd, Motilal Oswal, HDFC Securities Ltd, IDFC Securities and SBI Capital Markets. Proceeds of the IPO would be utilized towards purchase of equipments for its engineering, procurement and construction (EPC) business, to retire debt and other general corporate purposes. Bengaluru-based retailer Shankara’s public offer comprises fresh issuance of shares worth Rs500 crore and offer for sale of 6,618,366 equity scrips by the existing shareholders. The funds raised through the issue will used for repayment of loans and other general corporate purposes. IDFC Bank Ltd, Equirus Capital Pvt. Ltd and HDFC Bank Ltd are managing the share sale.

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